Tuesday, October 27, 2015

The Bitcoin Startup Boom Comes Back Down to Earth - Bloomberg Business

A bitcoin ecosystem reality check

"Investors are now more interested in bitcoin’s underlying technology, called the blockchain. It’s a mechanism for quickly and accurately recording transactions in an online ledger, and it could have important applications in banking and e-commerce to facilitate faster bank transfers or international transactions. On Oct. 14, bitcoin startup Bitreserve changed its name to Uphold and switched its focus to letting people transact in any form of money or commodity they choose, using the blockchain. “There’s a lot of pivoting of companies saying we want to build things for companies on the blockchain,” said Michael Terpin, an investor in bitcoin who is backing more startups this year than he did in 2014."